Title
A Resolution approving an Economic Development Agreement between the City Of Colorado Springs and Project Diamond
Presenter:
Jessie Kimber, Economic Development Officer
Shawna Lippert, Economic Development Manager
Body
Summary:
Project Diamond is an international software and technology company. The company intends to establish a base in the U.S. and be in proximity to customers in the defense and aerospace industries. This is a competitive project as the company is considering four (4) U.S. locations for expansion. Project Diamond is a Primary Employer, as they generate more than 50% of their revenue from outside of El Paso County. Project Diamond plans to secure and remodel an existing Facility in Colorado Springs. Additionally, the company plans to hire 61 employees over the next five (5) years. With the creation of these new full-time jobs, Project Diamond plans to invest in business personal property, including furniture, fixtures, machinery, equipment, and construction materials for its facilities development and expansion. The Executive Branch is recommending that the City provide certain performance-based incentives for the company investment and job growth.
Background:
Project Diamond has investment plans for business personal property, construction materials, and job creation for its potential Colorado Springs facilities. The company estimates that it will invest $26.2 million in purchases of construction materials, furniture, fixtures, machinery, and equipment. The company expects to hire 36 new full-time employees over four (4) years (length of term), and a total of 61 new full-time employees over the next five (5) years, at an average wage of $80,130. The Executive Branch is recommending that the City enter into an Economic Development Agreement to provide certain performance-based incentives for the company to invest in business personal property, construction materials, and job creation. The proposed City incentives are:...
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